PREVIEW-Dutch BinckBank Q2 net profit seen down 20 pct on Q1

* Q2 results due Monday, July 27, at 0600 GMT

* Net profit seen at 6-10 million euros, vs 10 mln in Q1

AMSTERDAM, July 24 (Reuters) - Dutch online broker BinckBank (BINCK.AS) is forecast to report a 20 percent drop in net profit quarter-on-quarter in the absence of investment gains, but its operational results are expected to be stable.

BinckBank, which operates as an Internet broker for private investors, is expected to report an April-June net profit of 8 million euros ($11.4 million), according to the average forecast in a Reuters poll of four analysts whose estimates were in a 6-10 million range.

It made a 6 million euro profit a year ago and 10 million in the first quarter this year, which included a 3.9 million pre-tax gain.

Operationally, interest income and commission income, the main drivers of BinckBank's revenue, were expected to remain stable quarter-on-quarter, the poll found.

"We expect second-quarter results to be strong. Tailwinds were favourable in the second quarter with the rally in equity markets continuing and the deposit war easing," ING analyst Albert Ploegh said.

"In the first quarter of 2009, resilience of client activity surprised and we expect this trend to have continued into 2Q09," he said.

BinckBank, which also provides banking services and securities order execution for asset managers and stockbrokers, competes in the Netherlands with ING (ING.AS) and in France with Boursorama (FMTX.PA), BNP Paribas's (BNPP.PA) Cortal Consors, and Bourse Direct (BDRP.PA).

Below are analyst estimates (in millions of euros, except earnings per share (EPS) in euros):

Q2 Mean Median Range No. Yr ago Change% Prev.Q Net interest 10 10 10-11 3 11 -9.1 10 income Net commission 25 25 24-27 3 24 4.2 24 income Total revenue 38 37 36-40 4 35 8.6 41 Total expenses -28 -28 -28- -27 4 -28 0.0 -27 Operating profit 10 10 8-12 4 7 42.9 13 Net profit 8 7 6-10 4 6 33.3 10 EPS 0.10 0.10 0.08-0.13 4 0.08 25.0 0.13

Data provided by Inquiry Financial Europe AB (www.consensusestimates.com)

(Reporting by Gilbert Kreijger; Editing by Dan Lalor)) ($1 = 0.7043 euro)